Comprehensive Course on Income Tax & Compliance

Objective: This course is designed to provide a thorough understanding of the Income Tax Act, tax computation, deductions, return filing, tax planning, and compliance procedures. It is suitable for accountants, tax consultants, business owners, and finance professionals.

Total Course Duration: 60 Hours

Income Tax Basics & Residential Status: 8 Hours

Income Heads & Computation: 26 Hours

Deductions, Exemptions & Tax Planning: 10 Hours

TDS, Advance Tax & Filing Compliance: 10 Hours

Tax Assessments & Final Project: 6 Hours

Module 1: Introduction to Income Tax (4 Hours)

  • Overview of Income Tax Act, 1961
  • Direct vs. Indirect Taxes
  • Taxation Structure in India
  • Role of CBDT & Income Tax Authorities
  • Taxpayer Categories (Individuals, HUFs, Firms, Companies, Trusts)

Module 2: Residential Status & Tax Incidence (4 Hours)

  • Determining Residential Status (Resident, Non-Resident, RNOR)
  • Scope of Total Income Based on Residential Status
  • Taxability of Income for Residents & Non-Residents
  • Double Taxation Avoidance Agreement (DTAA)

Module 3: Income from Salary (6 Hours)

  • Definition of Salary & Components (Basic, Allowances, Perquisites, etc.)
  • Tax Treatment of Allowances (HRA, DA, TA, LTA, etc.)
  • Perquisites & Their Taxability
  • Deductions Under Section 16
  • Standard Deduction & Rebate Under Section 87A
  • Computation of Taxable Salary Income

Module 4: Income from House Property (4 Hours)

  • Types of House Property (Self-Occupied vs. Let-Out)
  • Annual Value & Deduction for Municipal Taxes Paid
  • Standard Deduction (30%) & Interest on Housing Loan Deduction (Section 24)
  • Tax Treatment of Deemed Let-Out Property
  • Computation of Taxable Income from House Property

Module 5: Income from Business & Profession (6 Hours)

  • Meaning of Business & Profession Under Income Tax Act
  • Allowable & Disallowable Expenses
  • Presumptive Taxation Scheme (Section 44AD, 44ADA, 44AE)
  • Tax Audit & Its Applicability (Section 44AB)
  • Computation of Business/Professional Income

Module 6: Income from Capital Gains (6 Hours)

  • Definition of Capital Asset & Types (Short-Term vs. Long-Term)
  • Computation of Capital Gains (Sale Consideration, Cost of Acquisition, Indexed Cost)
  • Exemptions Under Sections 54, 54EC, 54F, etc.
  • Tax Treatment of Shares, Mutual Funds & Real Estate Transactions
  • Set-Off & Carry Forward of Capital Losses

Module 7: Income from Other Sources (4 Hours)

  • Types of Income Taxable Under Other Sources (Interest, Dividends, Gifts, etc.)
  • Taxability of Gifts (Section 56(2))
  • Taxation of Lottery Winnings, Betting & Other Casual Incomes
  • Deduction of Expenses Against Other Income

Module 8: Deductions & Exemptions Under Chapter VI-A (6 Hours)

  • Deductions Under Section 80C (PPF, LIC, EPF, ELSS, etc.)
  • Deductions Under Section 80D (Health Insurance Premium)
  • Deductions Under Sections 80E, 80G, 80GG, 80TTA, 80U, etc.
  • Tax Planning Through Deductions & Exemptions

Module 9: Computation of Total Income & Tax Liability (4 Hours)

  • Aggregation of Income & Set-Off of Losses
  • Gross Total Income vs. Net Taxable Income
  • Rebate & Relief (Section 87A & Section 89)
  • Tax Slabs & Calculation of Tax Liability for Different Assessees

Module 10: TDS & Advance Tax Compliance (6 Hours)

  • Concept of TDS & Applicability on Various Transactions
  • TDS Rates & Threshold Limits (Salaries, Rent, Professional Fees, etc.)
  • Due Dates for TDS Payment & Filing
  • Advance Tax: Applicability, Calculation & Due Dates
  • Interest & Penalties for Late Payment of TDS/Advance Tax

Module 11: Income Tax Return (ITR) Filing (6 Hours)

  • Types of ITR Forms (ITR-1 to ITR-7) & Applicability
  • E-Filing Process Using Income Tax Portal (www.incometax.gov.in)
  • Pre-Filled ITRs & Form 26AS Reconciliation
  • Filing Revised Returns & Rectifications Under Section 139(5)
  • Common Errors in ITR Filing & Their Resolution

Module 12: Tax Assessments & Compliance (4 Hours)

  • Types of Assessments (Self-Assessment, Scrutiny, Reassessment)
  • Income Tax Notices & How to Respond
  • Rectification, Appeals & Revisions Under Income Tax Act
  • Income Tax Refund Process & Status Tracking

Final Project & Certification (4 Hours)

  • Hands-on ITR Filing Exercise
  • Tax Computation Case Study
  • Responding to an Income Tax Notice
  • Certification of Completion

This course provides a complete understanding of income tax laws and compliance, making it ideal for tax professionals, accountants, and individuals handling tax matters.

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